Well, what a sun shiny clusterfuck of a day this is turning out to be!

The weather really sucks outside my office window, and Wall Street’s financial weather is just not bright period!!!

Wealthy London Bank Breaker, and Bush Basher Extraordinaire George Soros is now waving the depression flag, scaring the crap out of Main Street, and making the Doomsdaysayers bask in pure euphoria. Soros spoke on how a bad recession is inevitable, and that a depression is possible. Also look out for those hedge funds, as Soros has said that they are about to fall out as well!

As of right now, lunchtime in the US is looking at a 276 point drop just to barely hover over 8,000. Remember, the day isn’t done yet, as we have three hours left in the NY trading day.

Crude Oil Inventories evened out to zero in consumption/surplus levels. The Nymex is currently trading at $55.62, falling under $56.

Trade Balance is as bad as the experts expected it would be. A figure of -$56.5 Billion is not as bad as the previous decline, but negative reports are never good, especially in this market.

Jobless Claims, have upspiked 32,000 to 516K, which nearly resembles the claims we have last seen in the aftermath of the 9/11 attacks. And this is not the bottom of the barrel folks! More layoffs are happening as companies are cutting profit forecasts and even some companies are folding.

Consumer Electronics are hurting BADLY:
Circuit City, a long standing Consumer Electronics chain, was just recently Pink Sheeted, and went into chapter 11 bankruptcy. Best Buy cuts their profit forecasts for 2009 and is expecting a horrific holiday shopping season. Expect shopping bargains for those who have money left.

Forex News: Let’s talk about some currencies!

EURUSD: As of right now, after meandering a bit around 1.25, the euro is currently going sideways around 1.2458. Jean Claude Trichet, European Central Bank’s president is expected to speak shortly, so this shall fluctuate a bit.

USDJPY: Coming from red number night on the stat sheets, the Sushi is dipping at 95.21 from a recent sideways resistance of 96.15. This is following a huge decline from around 97 yean a couple of days ago.

TRADE ON!!!!

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So,how are you weathering the volatile markets in the US?

With circuit City going chapter 11, and it seems like every high profile business in the corporate world is laying people off left and right. Are we going to see any level of stability going to occur?

In a situation where, the possibility of the shops we go to everyday to get our goods and services, and especially the possibility of the auto industry, drying up and packing their bags is very real, we can only hope for the best. The government really needs to step in and get their shit in order with the issue of helping certain businesses that have a huge grasp on the economy, such as retail, automotive, and banking.

If nothing is done, we can see another depression around the corner. It is bad enough that every where I turn to, it seems like company a is laying off, or company b is crumbling and falling apart.

ok, enough of my economic doomsday talk. Let’s get to some forex news.

The EURUSD has been tanking a good bit lately, after a huge surge during the beginning of last week where it peaked and built a resistance around 1.2920 before it’s descent into bearville with 1.2718. Now even the optimistic ZEW numbers that came out earlier today could of pushed the EURUSD upwards any.

The Sushi (USDJPY) has been taking a a sideways position around 97.90 for the european session after seeing a fall of 1.60 yen in Asian trading in the previous session. A bad newsday, with the Economy WAters Index, M2 Money Supply, and Current Account all in the red end of things took responsibility.

Despite the US taking a bank holiday, Investor’s Business Daily is going to release their economic optimism rating. Not looking for this number to be good, as businesses are in the decline, and gearing up for one of the worst christmas shopping seasons on record.

Trade on folks, and keep your chin up!

TRADE ON!!!
Thomas Howell
GoForexTrade.com

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Today’s question in the financial sector: Will there be a hard fall in the markets?

It could of started with the slide of the Nikkei 225 over in Japan in the overnight session. Despite the great news of Japan cutting their interest rates to .30%, we have seen a sharp decline in the Asian markets, and with the exception of the DAX, the european markets slid from the top in their respective session.

The European session’s news:

Germany reports a 2.3% decline in overall retail sales.

Europe’s annual index on consumer prices have produced a number of 3.2%, lower from the previous 3.6%. Italy’s CPI was flat at 0.0% and Europe’s unemployment rate remained at 7.5%.

Switzerland’s KOF economic barometer, decline to .35, under the .49 forecasted level.

US Markets: Waiting for a decline? Let’s see!

Employment costs have remained the same from last quarter. Personal spending is down -.3%, and Personal Income only grew .2% from last month. Personal consumption remains at .2%, but is better than the .1% forecast.

A few more items on the US market before we call it a trading week:

Chicago will shortly released their Purchasing Manager’s Index. Then the University of Michigan is going to put their economic research team to the test and throw some numbers on consumer sentiment and inflation expectations. Then Uncle Ben Bernanke will speak via satellite at a conference on Mortgage Meltdowns.

Have a great day! Just remember wherever the market goes, keep your chin up!

TRADE ON!!!
Tom Howell
goforextrade.com

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Today is just another day. Charles Plosser and the cheesesteak gang at the Philly Fed are reeling after The Phillies win the world series. The Federal Reserve cut interest rates down to 1%, from 1.5%. The world’s markets are celebrating with a huge result in their respective markets.

The usual suspects in the financial news, were so so, with a horrifying New Zealand Business confidence, Europe’s Consumer Confidence, and a decent unemployment change in Germany.

Today’s market, will have a couple of Canadian news events, such as Raw Materials Prices, and Industrial product Prices.

The United States will release the Advance Gross Domestic Product quarterlies.

We will also get some wordage from Another Fed governor, Randy Kroszner. Unemployment Rates and Natural Gas Storage will be also released today around 8:30a EDT.

Have a great day, and see you in the Asian Market reports!

TRADE ON!!!

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What a big day today is going to be for the US Market. Today we will know a few heavy hitters will take place.

Firstly, we have the durable goods report coming very shortly, around 8:30a EDT.

Two hours later, we will have Crude Oil inventories. In anticipation of the inventory numbers being released, crude is currently being traded at $65.70. Remember, it could go either way, and the inventory count is not the only factor weighing in right now for the commodity.

Then 2:15p EDT comes the big enchilada. We will get the official statement on bank rates from the Federal Reserve. Everybody is seeking to have a half point cut to take the interest rate down to 1%.

Recapping the European Markets…
The FTSE and CAC are looking rather good at this time with 200+ point gains in the session. The momentum clearly hasn’t stopped from the surges from all the major global markets as the possible glimmer of optimism of a Federal Reserve rate cut is waiting in the wings.

We are still waiting for an Overall number ffrom Germany for the preliminary Consumer Price Indices, but the Lending reports seems to be in good spirits in England as there is a .5 Billion gain over expectation in personal lending, and the mortgage approvals went up a thousand over forecast to reach 33,000 mortgage approvals.

That might not seem much, but also realize that England only has 60 Million people, and stricter credit standards than the US, which for one time had loose standards and a population close to 300 million people.

Hope for the best! Keep your chin up and the dream alive!
TRADE ON!!!

Thomas Howell
GoForexTrade.com

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In the overnight trading sessions by Asia and Europe, all of the major indices have greatly spiked upwards in antcipation that the treasury is starting to shore up businesses affected by the bailout with desperately needed funds to keep the finance industry afloat. 95.21 is the latest on USDJPY.

Also the upspike was caused due to the beginning of a 2 day meeting by the Federal Reserve to discuss the interest rates situation.

Oil is seeping upwards on all of the good news. By the opening of the US Market, Light Sweet Crude Oil is breaking past $65 per barrel despite the lessened demand for fuel.

The indices from Europe:
EURUSD: 1.2523
Germany’s GfK confidence level has increased at 1.9 over the 1.5 forecast.
Switzerland’s UBS consumption indice shows 1.67, which is over the forecast of 1.58.
England’s Business Industry, on Realized Sales have done more optimistic at -27 rather than the forecast of -35.

The US Market Indexes to look for (Times in GMT)…
1300 (9:00am EDT) - Standards and Poors /CS Housing Price Index.
1400 (10:00am EDT) - Conference Board’s Consumer Confidence
1400 (10:00am EDT) - Richmond Manufacturing Index

TRADE ON!!! GO PHILLIES!!!
Tom Howell
GoForexTrade.com

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